KTFA:

Samson:  THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP TO DISCUSS BUNA’S COMPLIANCE STANDARDS AND INFORMATION SECURITY CERTIFICATION

6th May, 2021

The workshop is hosting guest speakers from international specialized entities

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

 Abu Dhabi, 06 May 2021: The Arab Monetary Fund (AMF) holds today, Thursday May 6, 2021, a workshop to elaborate on the compliance and information security standards that Buna (the cross-border payment system owned by the AMF) had put in place to adhere to the highest international requirements against terrorism and financial crime and protect the data of its participants.

During this workshop, Industry Experts representing Elucidate, Refinitiv, and DXC Technology and Buna executive team will share valuable insights on key topics related to compliance and information security.

The workshop will host more than 200 senior officials representing Arab and international central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking for valuable information about Buna’s recent developments.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “As a market infrastructure, we took the unique and innovative position to include anti-money laundering and combating the financing of terrorism checks in the payment system itself rather than maintaining these checks at the level of the participants exclusively. Being a cross-border and multi-currency payment system, we were advised by the Council of Arab Central Banks and Monetary Authorities Governors to add this pillar as an additional layer of compliance to our setup and set our own high-level standard, which ensures full adherence to the requirements of each, and every regulator of the currencies involved in the system and provide all our stakeholders with an additional element of trust. “

Mehdi added: “Buna highly value the increasing security needs accompanying cross-border payments. Therefore, we paid particular attention to implementing governance and system capacities ensuring protection of our participants data and providing secure and safe channels.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements.

Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.  LINK

MilitiaMan:  So we can see that with the level of participation of 200 senior officials from Arab and international Central Banks being involved in the BUNA system is no laughing matter. In fact, it was a logistical feat of itself, to get that level of participation, would have had to take time and coordination. It speaks volumes.

The country of Iraq is going smart tech now. Just as the borders are too. They are now already catching the pilfering of funds. That is not going to be allowed anymore. They are to nip that in the bud, pronto, as noted above.

Then there is the below. They are going to the internet for international accounts.

 They'll need imo an international rate when all is ready, set, go.. imo

That appears to be underway and on many levels. Even King Salman has granted license for ITB to open branches in the Kingdom.. .imo ~ MM

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The International Islamic Bank launches a new service

7th May, 2021

The International Islamic Bank has launched a new service, which is the opening of a bank account via the Internet

The bank said in a press release, seen by "Al-Eqtisad News", that "The Islamic International Bank has launched the service of opening a bank account ONLINE through the bank’s website, in implementation of the principle of financial inclusion and to provide excellent services to customers that achieve speed, accuracy and safety, and to   LINK

Samson:  The Minister of Planning reassures the employees ... and announces: The benefit of raising the dollar is more than its harm

05/07/2021 1:56:43

The Minister of Planning, Khaled Battal Al-Najm, assured employees that they would secure their salaries by the end of this year.

Al-Najm said in a televised statement: "The government of Prime Minister Mustafa Al-Kazemi came to solve a problem in three files: {the elections - reforming the economy and facing the pandemic - and the security file}, indicating that" the government provided all the requirements of the electoral process." He emphasized, "Salaries are fully secured for this year, and we have succeeded in restoring the true role of the Ministry of Planning, which is to draw a sound economic policy for the country." He pointed out, "We have about 2000 suspended projects out of 6 thousand projects, and the coming period will witness the return of many of the stalled projects to work."

Al-Najm pointed out that "the 4 trillion dinars in regional development allocations will be allocated to the completion of ongoing projects, and this is a great success for the Ministry of Planning," stressing that "the stalled projects are costing us great damage." The Minister of Planning said, "The change of the exchange rate of the dollar represents a response to the economic reality, and economic competition requires such a measure," adding, "The economic benefit of changing the exchange rate is more than its harm." "Within two years, we will overcome the crisis, and we will have a national product that is able to compete with the importer," he said.

Al-Najm explained, "The government dealt wisely with the security file," stressing that "the stability of the situation in Iraq under complex circumstances represents an important success for the government and running the economic rudder in light of a complex crisis is a success for the government." He believed that "the government succeeded in confronting the pandemic by exceeding expectations," noting that "we did not find anything condemning the Minister of Health in the accident (fire) of Ibn al-Khatib Hospital, and the Ministerial Committee did justice to the minister."  LINK

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MilitiaMan:  Well Iraq imports just about everything and the citizens are seeing it in food, housing, building materials, etc.. So, with the harm that is being done, changing the exchange rate again in my view is more of a benefit than the harm that comes with the devaluation. With that in mind, changing it again, may be what they need. imo ~ MM

A fall in the exchange rate is known as a depreciation in the exchange rate (or devaluation in a fixed exchange rate system). It means the currency is worth less compared to other countries. For example, a depreciation of the dollar makes US exports more competitive but raises the cost of importing goods into the US.

"An appreciation in the exchange rate is beneficial if it is caused by the economy becoming more productive and competitive"